In Depth – Page 41
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Features
Back to the future
Pension fund boards and their investment teams should form a new partnership to promote flexibility in strategy, argues Théodore Economou
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FeaturesEmerging consumer policies
While the bottom of the pyramid is served by microfinance, providing finance products for the growing educated middle class is increasingly important for some investment managers, finds Nina Röhrbein
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FeaturesInsecurities market?
Charlotte Adlung asks whether events such as the attack on Nairobi’s Westgate shopping centre reveal risks to Africa’s compelling economic, consumer and investment stories
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FeaturesMeeting in the middle
The pressure is growing for pension investors to begin divesting from fossil fuel companies, Nina Röhrbein finds
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InterviewsDrawing a virtuous circle
A number of prominent bank-owned asset managers have been put up for sale at various times since 2009 – a process that has not always been straightforward for the banks or the asset managers. Pioneer Investments’ proposed sale by its parent Unicredit was finally called off in April 2011, which allowed it to focus on a new set of strategic priorities.
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FeaturesRetaining interest
Torsten von Bartenwerffer points out that rising rates do not necessarily mean losses in fixed income, and argues for smarter long-only strategies rather than market-timing or long/short approaches
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Features
Interesting properties
Malie Conway considers European MBS the ‘happy medium’ between liquid REITs and illiquid direct real estate, offering low-volatility returns and floating rates
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Interviews
Low fashion, high durability
As Thornburg Investment Management’s fourth employee, Brian McMahon arrived in Santa Fe in 1984 around the same time as the firm acquired a second-hand fax machine from the unsuccessful presidential campaign of Walter Mondale.
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Features
Corporate bonds go electronic
Amid the ongoing debate about the best market structure for cash credit, Rupert Warmington draws attention to the rapid expansion of electronic trading
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Features
The search for yield
Managers believe that high-yield bonds still offer up plenty of opportunities, writes Maha Khan Phillips
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Features
Commanding heights
Jean-Pierre Couture makes the case for top-down investing in an era of ‘de-globalisation’
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FeaturesTime for an overhaul
With yields rising and pension schemes continuing to increase their allocation to bonds, Peter Ball asks how trustees can plug the deficit in their schemes
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Interviews
M&G Fixed Income: Shining a light in the cracks
IPE editor Liam Kennedy sits down with M&G chief executive Simon Pilcher
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Features
More than meets the eye
The usual selling point for ETFs is that they are cheap, but that has rarely held for institutional investors. Anthony Harrington finds less obvious, but arguably more compelling, advantages
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Features
Nurturing Europe’s mid-market
Taron Wade and Alexandra Dimitrijevic look into efforts to expand Germany’s Schuldschein debt private-placement market to the rest of Europe
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Interviews
Bradesco AM: Taking local global
Surprisingly, for its size, Bradesco has spent most of its first 50 years as a resolutely local firm
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FeaturesBe smart with smart beta
Stefan Dunatov emphasises the importance of consistency between strategy, investment beliefs and implementation when exploiting techniques like smart beta
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Interviews
Beyond US sub-prime
If Philip Weingord, co-founder and CEO of Seer Capital Management, isn’t ‘Mr Structured Credit’, then co-founder and CIO Richard d’Albert would be just as good a candidate.
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Features
Rating hybrids
Issuance of hybrid capital in Europe surged at the start of the year and is likely to remain elevated in the near term. Taron Wade discusses how such instruments are rated and why new issuers are getting involved
